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FEATURE
13
Unravelling UK
pension schemes
Sue Stewart, MFAS
Authorised Financial Adviser, CFPCM
We meet with many health professionals who have
immigrated from the UK and Europe. The reasons
for immigration are varied; unfavourable working
conditions under NHS compounded by the uncertainties of
Brexit, love of NZ from holiday or prior work experience and
a decision to make this beautiful country home.
Once you have decided to call NZ home permanently,
queries abound in regard to whether you should bring your
UK pensions to NZ. The rationale for bringing your funds
to NZ may include tax and administration effciencies
(including limiting potential exposure to UK inheritance
taxes), ensuring funds are invested in-line with your
fnancial strategy as well as future fexibility and preser-
vation of funds for your estate.
Every UK pension scheme, combined with the individual’s
situation, is unique. So while understanding the issues in
general terms is useful, when it comes to transfer decisions
personalised advice from an authorised fnancial adviser is
essential, and will add a lot of value to you.
This is not a quick process! Rules and conditions as well as
benefts, calculation rates, guarantees (if any) vary widely
from scheme to scheme. It is extremely important that you
consider all of your options before making any decision, as
once you transfer out of a pension you cannot transfer back
in.
While there “is no one size that fts all”, we can provide
initial answers to common questions: